When Reed came into office in January 2010, the city had only $7.4 million in reserves, and was nearly $50 million in the red with its annual budget. Since then, the city has passed seven consecutive balanced budgets without a single property tax increase, has received nine credit ratings upgrades, and has not initiated any water rate increases.
“On my first day in office, I set a goal of building our reserves funds to $175 million, the largest in the city’s history,” Reed said during a Friday press conference. “From pension reform, to making the decision to sell key properties like City Hall East, Turner Field and Underground Atlanta, we have worked to reach this milestone. My administration has demonstrated what is possible when the City of Atlanta is financially strong, stable and well-run. Our city is safer, stronger and more prosperous today because of the hard work and tough choices we made.”
In his final year in office, Reed said he remains focused on achieving AAA credit rating status from the nation’s leading credit bureaus.